Technology Can Foster Growth Of Capital Markets, Says Popoola, NGX CEO

Chief Executive Office, Nigerian Exchange Limited (NGX), Temi Popoola, on Wednesday in Lagos restated the significant role technology has played in the development of capital markets across the African continent.

Popoola, who spoke at the \panel themed “Digital Transformation and Infrastructure Development: Leveraging Technology Growth in ECOWAS Region,” at the West Africa Capital Market conference organised by the Securities & Exchange Commission (SEC), said technology can serve as a good building block for innovation in the capital market.
He recalled that “in December 2021, we had a landmark transaction through technology. It was a secondary share sale in our capital market. It was the first time in the history of our market where on a mobile phone end to end, shares could be bought by retail investors.

Caption: From left, Popoola, General Counsel and Company Secretary at the NGX, Franca Egwuekwe, and Dayo Obisan, Executive Commissioner in charge of Operations at the SEC Nigeria during the conference.

“Two weeks ago, with Second Stax- a Ghana based company, we facilitated the first ever transaction across borders in a Nigeria – Ghana bilateral trade.” The NGX CEO said that these examples of technological innovation on the Nigerian bourse demonstrate how critical digital innovation can facilitate capital market growth.
Earlier, the Chief Digital Officer, NGX, Olufemi Oyenuga made a presentation on how the NGX has been utilizing digitalization to drive the operations of the exchange.